• In a major development for India’s global fintech expansion, NPCI International Payments Limited (NIPL) has partnered with Razorpay Curlec to enable Unified Payments Interface (UPI) transactions in Malaysia. Announced during the Global Fintech Fest 2025, this collaboration allows Indian travellers to make instant and secure digital payments to Malaysian merchants using their regular UPI-enabled apps such as PhonePe, Paytm, and Google Pay.

• Saudi Arabia has launched the second edition of its Global Harmony Initiative on 2 November 2025, beginning with “India Week” as part of the ongoing Riyadh Season. The programme, led by the Ministry of Media in cooperation with the General Entertainment Authority (GEA), highlights the Kingdom’s commitment to cultural inclusivity and cross-cultural understanding under Saudi Vision 2030.

Overview

• The Government of India plans to expand its rare earth magnet manufacturing incentive scheme to Rs7,000 crore ($788 million) — nearly three times the earlier allocation. The move is part of India’s broader strategy to build self-reliance in critical minerals and clean technologies, while reducing dependence on China, which currently dominates global rare earth processing.

Strategic Context

• The decision follows China’s tightening of rare earth export controls in April 2025, which disrupted global supply chains. In response, India aims to position itself as an alternative hub for critical material production used in electric vehicles (EVs), renewable energy systems, and defence technologies.
• Prime Minister Narendra Modi has called for non-weaponisation of critical minerals, underscoring the need for diversified and resilient supply chains similar to efforts underway in the US, Japan, and Europe.

Overview

• Prime Minister Narendra Modi inaugurated the Emerging Science & Technology Innovation Conclave (ESTIC) 2025 at Bharat Mandapam, New Delhi, on November 3, 2025. During the event, he launched a ₹1 lakh-crore Research, Development and Innovation (RDI) Fund aimed at boosting India’s private-sector R&D ecosystem. He also announced the creation of the Anusandhan Research Foundation to strengthen academic and industrial research collaboration.

Purpose of the RDI Fund

• The RDI Fund is designed to support high-risk, high-impact research projects that face funding challenges. It will help de-risk early-stage innovation, attract private investment, and promote commercialisation of indigenous technologies. The initiative focuses on bridging the gap between lab research and market deployment, with special attention to deep-tech, hardware, and frontier science sectors.

Overview

• During Uttarakhand’s silver jubilee celebrations, President Droupadi Murmu addressed a special session of the State Legislative Assembly in Dehradun on November 3, 2025. She commended the state’s progress in human development, women’s empowerment, and transparent governance over the past 25 years.